The development followed increase in GST cess rates on mid sized and large cars and SUVs by 2, 5 and 7 per cent, respectively.

Hyundai Motor India Ltd (HMIL) today increased prices of its various models by up to Rs 84,867, following a hike in GST cess rates. The price hike will range from 2 to 5 per cent and will be effective from September 11, the company said in a statement.

HMIL, which is country's second largest passenger car manufacturer, has hiked price of 1.4 litre petrol automatic variant of its premium hatchback Elite i20 by Rs 12,547.

Besides, it has raised prices of the newly launched mid- sized sedan Verna by up to 29,090. Similarly, prices of SUV Creta have been hiked ranging between Rs 20,900 and Rs 55,375.

The automaker has also raised prices of its premium sedan Elantra ranging between Rs 50,312 and Rs 75,991. It has also increased price of premium SUV Tuscon between Rs 64,828 and Rs 84,867.

Fiat Chrysler Automobiles (FCA) has also announced hike in prices of its Jeep and Fiat range of vehicles by up to Rs 6.4 lakh. Yesterday, Honda Cars India had announced increase in prices of its models -- City, BR-V and CR-V models, ranging between Rs 7,003 and Rs 89,069.

In fact, segment leaders like Maruti Suzuki, Tata Motors and Hero MotoCorp have reported de-growth of 34.3 per cent, 45 per cent and 20 per cent, respectively giving a clear indication of a prolonged slowdown in the sector.